Just say no to easy credit!
Have you seen promotional stands on your campus offering hats, T-shirts, food, drinks or other goodies just for filling out a credit card application?
Think carefully before taking this bait, because it will get you on the hook--perhaps to the tune of thousands of dollars. And don't count on your school for support in this matter--it may be raking in millions of dollars in fees for allowing these hucksters to try to lure you into signing up with them.
Here is turn down credit that is just too easy.
Instructions
1. Read the booklet that comes with the application--carefully--before completing any credit card applications. Don't let the lure of free food or drinks tempt you into filling one of these out without knowing its terms. Ask the marketer in front of you about the rates that will kick in after the teaser rate expires. If she can't answer any of your questions, walk away immediately.
2. Take the time to thoroughly shop around for the best credit card deal. The ones being hawked on your campus probably have much higher rates than cards that could be just as available to you if you looked around. Bankrate.com (see Resources) indicates that the rates for college students can range anywhere from 10 to 23 percent, but the cards offered to college kids usually carry at least 3 to 4 percent more than other cards.
3. Think very carefully about what you need a credit card for. It is not a good idea at all to use credit cards to pay for beer, bar tabs, pizza and clothes each month, unless you can pay the balance off in full. Remember that you are young and will probably graduate with enough debt without having a sizable credit card balance to pay off as well.
4. Ask your student services department whether it will sell your contact information to credit card marketers. If so, be prepared to receive numerous phone calls, mailings and email messages offering credit card deals. Ask if you can have your name removed from these lists and block your email. You may need to contact your alumni association to do this; it is often the one who cuts these deals with the credit card companies.
5. Be wary of co-branded cards that have your school logo on them. Although this may seem like a show of school spirit, these cards often have much higher rates and fees than other cards. Regardless of what kind of card you use, be sure to make your monthly payments on time to avoid unnecessary service charges and late fees.
Tags: credit card, cards that, food drinks, have much, have much higher